India’s forex reserves at record high of $424.864 billion

India’s forex reserves rose by $503.6 million to touch a record high of $424.864 billion in the week to 6 April, the Reserve Bank of India said

India’s forex reserves had crossed the $400-billion mark for the first time in the week to 8 September 2017, but has since been fluctuating. Photo: Reuters

Mumbai: India’s forex reserves rose by $503.6 million to touch a record high of $424.864 billion in the week to 6 April, aided by increase in foreign currency assets, the Reserve Bank of India (RBI) said on Friday.

In the previous week, the foreign exchange reserves had surged by $1.828 billion to $424.366 billion. It had crossed the $400-billion mark for the first time in the week to 8 September 2017, but has since been fluctuating.

In the reporting week, the foreign currency assets, a major component of the overall forex reserves, rose by $657.7 million to $399.776 billion.

Expressed in the US dollar terms, the foreign currency assets include the effect of appreciation or depreciation of the non-US currencies such as the euro, the pound and the yen held in the reserves.

After remaining stable for past few weeks, gold reserves decreased by $130.7 million to $21.484 billion in the reporting week, RBI said.

The special drawing rights with the International Monetary Fund (IMF) declined by $10 million to $1.534 billion. The country’s reserve position with the IMF also decreased by $13.4 million to $2.070 billion, the central bank said.